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If property is not sold but transferred to LLC corp in wifes name is title ins still in force?
Wiki User
∙ 16y ago
Title insurance is non-transferrable, meaning, if the deed changes, the Owner's Coverage from a PRIOR Policy does not cover the new owner. It doesn't matter whether it has been "sold" as consideration for a transfer can be anything each party agrees is of value. Many years ago, you would find deed vesting as folllows: "for the consideration of love", meaning a property had been transferred with no monetary value. If the property has a lien (mortgage on it) in the origial owner's name, you may want to also check the terms of your mortgage for "transfers" (ie sales). Most mortgages have a "due on sale" clause that means the loan must be paid in full at time of transfer to the new owner. The LLC may have to go get a new mortgage under its business entity, since the bank with the original loan had terms and conditions of making a loan to an individual, not a business/LLC. When transferring property, under a sales contract, agreement for sales or a Quit Claim Deed, it is advisable to check the terms of the current mortgage and also be aware that title insurance as an Owner's Policy, ONLY insures the owner who originally took out the Policy. Once the property is no longer owned by that individual(s), the Policy expires, regardless of what means the property was transferred by.
Wiki User
∙ 16y ago
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Is a title to personal property transferred pursuant to a bailment?
No, only the lawful possession of the property, and not ownership, is transferred.
If the deed was transferred into your name does the title automatically transfer?
Yes. The deed is the instrument by which title to real property is transferred to a new owner. The deed and the title are not separate.
Can a tax lien be assumed by the buyer of a property in Ohio?
Tax liens must be paid before title to the property is transferred. The purpose of a tax lien is to prevent the property from being transferred before the lien is paid.
Can you transfer a deed that was in your name back since you have the title?
If the deed was in your name that implies you transferred the property at some time. If you transferred the property then the title is no longer in your name.If that is the case the property has a new owner and you have no power to transfer the property "back" to yourself. The new owner must execute a deed that transfers their interest back to you.
How do you switch a title to a new owner?
Title to real property is transferred to a new owner by a written document called a deed. Title insurance cannot be transferred to a new owner. Each owner must purchase their own title insurance.
When an estate case is closed by probate is the will still in effect?
An estate is closed after all the provisions in the Will have been executed. It remains a public document forever to show how the property was distributed and how title to property was transferred.An estate is closed after all the provisions in the Will have been executed. It remains a public document forever to show how the property was distributed and how title to property was transferred.An estate is closed after all the provisions in the Will have been executed. It remains a public document forever to show how the property was distributed and how title to property was transferred.An estate is closed after all the provisions in the Will have been executed. It remains a public document forever to show how the property was distributed and how title to property was transferred.
What does vest title mean?
Vest means to confer full title to real property. "Title" to real property means legal and absolute ownership. When a person dies owning real property their estate must be probated whether they die with a will or without a will. That is because title to real property, if not transferred by a deed from the owner, must be transferred by a court order. The court decree that allows the probate of an estate vests title to the real estate in the heirs. If the estate is never probated the heirs never gain legal ownership of the property and the result is a cloud on the title.
When is real estate reversionary?
Real property is subject to reversion if there was reversionary language in the deed or will that transferred the title.
What is a written claim of property?
Real property is transferred to another owner by a deed. A deed is a written legal document that is used to transfer the title to real property.
What does TT on a title mean?
TT on a title typically stands for "Title Transfer" or "Transfer of Title." It signifies that ownership or legal title of the item, such as a vehicle or property, has been transferred from one party to another.
Title was transferred but the plate was still on the car when the guy totaled Who is responsible?
Transferred on paper or on the legal Court records? When you sold the car you should have kept a signed copy of the transfer/bill of sale to the wreckee. If the title was transferred by your State Title Office and is on record there - you may be safe. Sometimes a buyer does not register the title and it and the tag are still in your name. Bend over please.
What is a written claim of some piece of property?
Real property is transferred to another owner by a deed. A deed is a written legal document that is used to transfer the title to real property.
